Comments by "Marvin Fine" (@torontovoice1) on "BREAKING: A New Country is Taxing Citizens Globally" video.
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Well the rules were not exactly explained, this is more like fear mongering. But Australia is not the only country that has these type of snapback procedures or whatever you want to call them. I currently live in Israel, and Israel has a four-year period whereby if you leave the country and you don't establish either a residence permit or another passport, they may not release you from your tax obligations. And what's more interesting is that if you leave and then come back within 4 years, they will roll that back as if you never left. All of these rules came about as a result of a famous Israeli model bar rafaeli who was living for some time in the US with Leonardo DiCaprio. She only had an Israeli passport, she was born in Israel, and she was on a tourist visa in the United States. She lost the case in Israel, and I don't want to bore you with the 42-page judgment that I read, but the judge said basically, if you're not a tax resident of Israel, where are you paying your taxes? So I think increasingly you're going to see governments try to continue taxing their citizens until such time as they're able to satisfy the government that they have actually left for real. They have a special form that you have to fill out it's called 627 for those of you who want to look at it, and it basically asks a number of questions such as do you have an apartment in Israel do you have a bank account in Israel do you have another passport or another residence permit where are you going, etc. So I think you're going to see a lot of countries look at these kinds of scenarios from people who really don't leave the country or set up Roots somewhere else such as digital nomads for example. Even though they do pay tax in that country based on their digital nomad Visa, they don't really consider them a resident but rather a temporary resident. So unless you're able to upgrade that to a permanent resident, your home country might not consider that you left. I think these are the way things are going to go in the future. The oecd in particular and the United States pushing them is pissed off with people running around the world and not paying any tax. Shopping for low tax jurisdictions is one thing but they are going to soon insist that in order to leave you're going to have to go to a country that has a tax treaty with the country you're leaving. So when you look at these zero tax countries especially the British overseas territories for example, they are going to annihilate you for taxes. But also at the same time Canada still has a tax treaty with Barbados, enabling Canadians to set up corporations in Barbados and even repatriate the income back to Canada. The only thing you have to establish is the control effective control in that country. But I think going forward you're going to see much more things happening and I think if you look at the number of these tax strategies that may work today you may want to consider them to be temporary because governments need money, and poverty rates are exploding everywhere, and governments are losing their tax base so they're going to do everything they can to try to expand their tax base and or hold on to their taxe base as much as they can. As far as the camel's nose being out of the tent, I have seen one or two camels in this country have a theme park in the South near elat, but aside from that, that is the extent of that camels that I have seen here.
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@asiatravel2010 There are legitimate arguments for citizen taxation especially in the USA. They have some of the best schools in the world, and of course you're paying for them, but you're in one of the greatest countries in the world. So growing up in a country like that you have access to the environment that if you apply yourself properly, you're able to succeed exponentially. That said more and more people are becoming Fed up and disillusioned in the way their government spends their hard-earned tax money. No government is good at spending tax money, but when taxpayers feel that they are being suckers on the amount of tax they're paying and where it's going, they look to maybe move somewhere else it's more efficient. Other people though look at it in a different way. They look at being in the USA as a franchise for being able to run their business. There are very few businesses even in today's market that are not location dependent. There's a reason why third world countries are third world countries, it's because of the people, and secondly because of the corruption. The high quality people in emerging markets by and large want to escape to Western countries, and Western countries are all competing for this human capital, high levels of skill, and economic capital. So the third world countries the emerging markets the frontier markets are unable to extricate themselves from that particular State of affairs. Russia was telling the whole world that they were the second most powerful military. Now you see what kind of garbage military equipment they have, how they send soldiers into battle without giving them food or training, and how the whole war has evolved. They are simply taking their resources actually stealing the resources of the country and funding a war of their own choosing. They invaded a sovereign country. Unfortunately, I don't know what's going to be left of Ukraine. But look at what has happened! All of the talent money and expertise, or the bulk of it has escaped the country. Many of the billions that the Russian orligards stole has been seized or otherwise squandered. Then you have countries like Cyprus that are one of the centers of Russian money laundering. There are other places of course too and there's lots of assets hidden in all sorts of complex structures that they are finding. There's no place any more to hide
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